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North America Biofuel Market Size

Report ID: GMI8700
Published Date: Mar 2024
Report Format: PDF

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North America Biofuel Market Size

North America Biofuel Market was valued at USD 70.6 million in 2023 and is set to experience a CAGR of 7.1% during 2024 and 2032, driven by the increasing need to cut greenhouse gas emissions and reduction on fossil fuel reliance that are becoming viable alternative for transportation, heating, and power generation.

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Government mandates and incentives, including renewable fuel standards, significantly influencing market's growth, alongside investments in biofuel production and distribution infrastructure. For instance, in December 2023, POET, announced to expand its production capacity in Indiana, US by investing USD 160 million to increase ethanol production by adding 40 million gallons of annual capacity. The features variety of biofuel types, offering unique energy efficiency and carbon reduction benefits.

North America Biofuel Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Biofuel Market Size in 2023:	USD 70.6 Million
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	7.1%
2032 Value Projection:	USD 124.7 Million
Historical Data for:	2019 - 2022
No. of Pages:	100
Tables, Charts & Figures:	80
Segments covered:	Fuel Type, Feedstock, Application, & Country
Growth Drivers:	Rising investment in biofuel production facilities Growing emphasis on reducing greenhouse has emission
Pitfalls & Challenges:	Competition for feedstock resources Fluctuations in commodity prices Reliance on government subsidies & regulatory support

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Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size of biofuel was reached USD 70.6 million in 2023 and is set to experience a CAGR of 7.1% through 2032, driven by increasing need to cut greenhouse gas emissions and reduction on fossil fuel reliance.

North America ethanol biofuel market will exceed over USD 85 million by 2032, driven by continuous & exponential increasing government support, feedstock availability along with compatibility.

The U.S. biofuel market revenue to cross USD 106 million by 2032, attributed to the environmental regulations and consumer preferences for sustainable alternatives.

ADM, Andersons, Inc., The, Cargill, Chevron Corporation, Clean Energy, CLARIANT, COFCO, FutureFuel Corporation, Gevo, Inc., Green Plains Inc., My Eco Energy, Neste, POET, LLC, Praj Industries, Renewable Energy Group, Rentech, TotalEnergies, U.S. Gain, UPM and VERBIO AG.